School Employees Retirement System Of Ohio (SERS): Key Updates & Info

Are you a school employee in Ohio, diligently serving the community, but uncertain about the intricacies of your retirement benefits? Your future financial security hinges on understanding the School Employees Retirement System of Ohio (SERS), a vital component of your professional life, and this article will illuminate the path to a secure retirement.

Navigating the complexities of retirement planning can feel like traversing a maze, but it doesn't have to be. The School Employees Retirement System of Ohio (SERS), established in 1937, stands as a testament to commitment and a dedicated steward of its members and employers contributions. Nestled at Broad Street, Suite 100, Columbus, OH 43215, SERS provides a robust framework for the retirement security of Ohio's school employees. SERS operates on a mission to support its members through retirement, offering multiple resources and opportunities. This article serves as a comprehensive guide to understanding your benefits, planning for your future, and making informed decisions about your retirement.

The SERS is more than just a retirement system; it's a promise of security for the unsung heroes of the Ohio public school system. Those individuals perform vital responsibilities to keep schools running smoothly. From the custodians who maintain a clean and safe environment to the cafeteria workers who nourish the students, all those staff members significantly contribute to the learning environment. Despite not always receiving the same recognition as teaching staff, their work is equally crucial to the success of Ohio's educational institutions.

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SERS offers several key provisions and opportunities for its members, including service credit in a defined benefit plan which can be combined with the Ohio Public Employees Retirement System (OPERS) and the State Teachers Retirement System of Ohio (STRS) service credit at the time of retirement. Its essential to understand how your years of service contribute to your future pension. Members have access to two primary service retirement options: unreduced service retirement and early service retirement with reduced benefits.

For those seeking unreduced service retirement, the calculation is based on your service credit and final average salary. Your service credit reflects the duration of your employment in an Ohio public service job. The final average salary is the average of your three highest years of earnings. Therefore, both of these metrics determine the maximum pension amount you're eligible to receive. It's worth noting that SERS is keenly focused on preventing any unwarranted strain on the system, with the Ohio legislature passing a bill in the summer to empower SERS to prevent pension spiking.

In 2024, the Contribution Based Benefit Cap (CBBC) calculation will be implemented to stop school employees from potentially inflating their pensions. The CBBC is a pivotal tool in identifying and preventing pension spiking, which can create potential financial strain on the system. The system understands the importance of fairness and sustainability, focusing on the long-term health of the retirement fund. Members are encouraged to stay informed on the SERS website and learn more about the CBBC and how it affects retirement benefits. This will also help you check your personal status.

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In terms of health care, SERS provides opportunities for your dependents as well. When you enroll in SERS coverage, you may be able to extend the benefits to your spouse and children up to the age of 26. As an added benefit, members who are covered by an Aetna Medicare plan, can expect certain additional facilities. When youre preparing for your retirement, its equally important to consider the health services you and your dependents will need. This includes coverage options for Medicare Parts A, B, C, and D.

In Ohio, if you decide to return to work in the public sector after retirement, its crucial to understand reemployment guidelines. If you return to a position covered by SERS, STRS, OPERS, Ohio Police & Fire (OP&F), or Highway Patrol Retirement System (HPRS), there is a waiting period. You must wait two months from your effective date of retirement before being reemployed.

The Social Security Fairness Act, signed into law by President Joe Biden on January 5, 2025, brought significant changes to those retiring in the public sector. This act repealed the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which affected more than 3 million public workers. These provisions were designed to prevent individuals from receiving both a government pension and full Social Security benefits. The repeal is a considerable step in supporting those individuals and removing potential financial burdens. This is designed to ensure that public workers receive fair access to their retirement funds and maintain their economic security.

For those seeking SERS disability benefits, guidance can be obtained from a disability attorney, such as Graham Law. They help you qualify, apply, and appeal for SERS disability benefits. SERS is also aware of the potential concerns and inquiries that members may have. To help with any need, there are multiple contact channels which are open from Monday through Friday, 8 a.m. You can also find contact information for both SERS and STRS, ensuring you can easily access the support you need. Delta Dental of Ohio will also provide you with ID cards about 5 days prior to the effective date of your coverage, and should your cards not arrive on time, you are encouraged to contact their office to make sure you have medical service coverage.

Remember, retirement security is an ongoing process. By understanding your SERS benefits, staying informed about changes, and planning proactively, you can navigate the path to a fulfilling retirement.